About Deloitte

In the reporting year, Deloitte Netherlands was part of Deloitte North South Europe. Since June 1, 2026, we are of Deloitte EMEA and as such a separate and independent legal entity. Deloitte Netherlands operates in The Netherlands and in the Dutch Caribbean. For a full list of subsidiaries, please see Notes 4. Consolidated Group companies of the Company financial statements in Annex 1.

Headcount of Deloitte in the Netherlands and the Dutch Caribbean

In the Netherlands, we employ more than seven thousand people (excluding contractors) in 13 different offices around The Netherlands and two in the Dutch Caribbean. This makes us one of the leading Dutch professional services providers in the areas of audit and assurance, consulting, tax and related services. Our practitioners work in multidisciplinary teams to help resolve our clients challenges and realise opportunities.

Deloitte EMEA

Deloitte EMEA brings together approximately 138,000 professionals in some 80 countries. Working together across borders, we can make an even greater impact in each of our markets than when working alone. By working as a unified firm and leveraging our combined network, we can achieve more – for our clients, our people and the communities we work in. As an organisation that advises clients and audits organisations across industries and sectors around the world, ours is a business built on trust.

Deloitte EMEA comprises 16 participating firms across Europe, Africa and the Middle East: Austria, Belgium, Ireland, Central Europe, Central Mediterranean, France, Germany, Luxembourg, Middle East, Netherlands, Nordics, Portugal, Spain, Switzerland, Türkiye, and the United Kingdom.

Our global network

Our global organisation has grown to over 473,000 people in more than 150 countries and territories, serving nearly 90% of Fortune Global 500® companies and almost all the Amsterdam Exchange Index companies, providing assurance services or, to non-audit clients, advisory services. We believe our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way towards a stronger economy, a more equitable society and a more sustainable world.

Our leadership structure consists of a Supervisory Board, Executive Board and Executive Committee.

Our leadership in 2025/2026 (per May 31, 2026)

• With effect from June 1, 2026, Eric Vennix assumed the role of Growth Leader for Deloitte EMEA. On the same date, Peter Sanders was appointed Energy, Resources and Industrials (ER&I) Lead for Deloitte Netherlands. The Executive Board thanks Eric Vennix for his significant contribution as ER&I Lead and wishes him every success in his new role.

• On June 9, 2026, Hessel Dikkers was appointed as member of the Supervisory Board (please visit the Report of the Supervisory Board for more information).

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Business results

In financial year 2025/2026, showed a overall revenue growth of 1.4%. This was achieved against a backdrop of geopolitical developments, including Middle East tensions and US trade policy shifts, creating uncertainty in corporate investment decisions. Performance across our business lines was mixed. Audit & Assurance and Technology & Transformation improved, while Strategy, Risk & Transactions Advisory faced market headwinds and Tax & Legal remained broadly stable. Our result before tax and management fees improved to €186.7 million, up from €182.7 million in 2024/2025, a result of revenue growth, continued cost control and focus on operational efficiency supported by investments in technology.

Developments per business

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Revenue

#Employees

Technology & Transformation revenues grew by 7.5% to €552.2 million (2024/2025: €513.9 million), an increase of €38.3 million. Overall demand proved more stable compared to the prior year, marking a recovery from the headwinds that had prompted a deliberate reduction in client-serving headcount in 2024/2025. The investments made in right-sizing the workforce in the prior year positioned the business to respond effectively to the improving demand. Clients are preparing for adoption of AI by investing in their data platforms.

Tax & Legal revenues were broadly stable with a slight decline at €331.1 million, a marginal decrease of 1.4% compared to €335.9 million in the prior year. AI is impacting our business twofold. As an enabler for service delivery and new services and as a downside potential erosion on compliance work.

Audit & Assurance delivered growth, with revenues increasing by 4.7% to €320.1 million (2024/2025: €306.0 million). Investments in Omnia are supporting efficiency and utilisation improvements, combined with leverage with our global delivery network. In 2025/2026 work started on new audit mandates.  

Strategy, Risk & Transactions Advisory revenues declined by 11.1% to €226.7 million (2024/2025: €255.0 million), a decrease of €28.3 million. This performance is mainly driven by market conditions at the beginning of the year that was mitigated by a reduction of the workforce during the year, reflecting the right-sizing of the business in response to market conditions. In the second half of the year, the performance recovered.

Global Delivery Network

The Global Delivery Network (GDN) continued to be a cornerstone of our service delivery transformation. The accelerated adoption of the Global Delivery Network within Technology & Transformation supported efficient scaling of delivery capacity, enabling the business to meet growing client demand while maintaining quality at market rates. GDN adoption as a percentage of total hours increased, demonstrating our shift towards a more efficient and scalable delivery model.

Workforce

Total client-serving headcount decreased, reflecting efficiency gains from GDN leverage and technology enablement. The number of Equity Partners is aligned with the current scale of the business. Base salary costs increased, reflecting performance increases, promotions and improvements in our employee value proposition. Variable compensation for our employees increased significantly by 35.2% to €54.0 million (2024/2025: €39.9 million) as a result of the strong business performance.

Financial Performance

Operating expenses increased by 0.2% to €145.1 million (2024/2025: €144.9 million).  Continued cost awareness enabled us to control our cost base, despite the investments we make in technology including AI and cost inflation. Our result before tax and management fees increased by 2.2% to €186.7 million (2024/2025: €182.7 million), representing 13.1% of revenues (2024/2025: 13.0%). This improvement reflects the combined effect of revenue growth, efficiencies in delivery and disciplined cost management, partially offset by the increase in people costs. Management fees and distributions to partners are broadly in line with the improvement in the pre-distribution result.

Solvency and liquidity

Solvency based on equity, membership capital and subordinated loans (the Group's capital base) is 20.9% (2024/2025: 22.3%). Our solvency remains strong and has slightly decreased as a result of the reduced number of partners. Our working capital, defined as the sum of unbilled services, advanced billings and accounts receivable, remained stable to a total of €350 (May 31, 2025: €348 million) at year end. Our year-end cash balance was €103.0 million. During the year, we have not used our credit facilities and we are in compliance with our covenants.

For a full overview of and detailed notes on our financial performance, please see the Financial Statements, which are annexed to this report.

Taxation

As a responsible business, our policy is to comply fully with both the letter and the spirit of Dutch tax legislation. To enhance our transparency on this topic, we have adopted a Tax policy, that can be found in the Annexes of this report. Our Tax policy addresses the three main types of national taxation that are applicable to us: corporate tax, tax on wages and value added tax.

To ensure Deloitte’s compliance with all laws and regulations, regular meetings with Dutch Tax Authority (DTA) are scheduled to proactively discuss our questions and any potential issues for all three mentioned taxes.

Furthermore, we annually perform a randomly selected sample test in our financials (outgoing payments) to test the compliance of the relevant tax aspects. The DTA is involved throughout this process and receives a full report on findings and identified improvements.

Corporate tax

Each Deloitte partner charges Deloitte a management fee through a personal management company. These management fees - after deduction of, amongst other costs, a so-called customary salary for the partner - are fully taxable at the level of the individual management company, in accordance with the regular Dutch corporate income tax rates. Deloitte’s remaining profit is taxable at Deloitte level, and also subject to the regular Dutch corporate income tax rates.

Wage tax

All relevant filings are submitted timely and in accordance with Dutch rules and regulations.

All cross-border work situations (including secondments, projects, and expatriates) are handled by a dedicated group of specialists in the Netherlands as well as abroad, to ensure that Deloitte and its employees meet all Dutch and local requirements.

Value added tax

On all incoming and outgoing transactions, we follow the rules and guidelines for value added tax (VAT). Specific transactions, such as invoices outside of The Netherlands (within or outside EU) and invoices for exempt services, are subject to strict protocols to ascertain that VAT is reported correctly.